BU111 Lecture Notes - Lecture 1: Critical Success Factor, Cash Flow, Voice Of The Customer
![BU111 Full Course Notes](https://new-docs-thumbs.oneclass.com/doc_thumbnails/list_view/2199661-class-notes-ca-wlu-bu111-lecture5.jpg)
19
BU111 Full Course Notes
Verified Note
19 documents
Document Summary
6 critical success factors: strategy, mission, vision, achieving financial performance. Financial performance is defined as the achievement of positive cash flow and profitability. Financial performance is important because firms need cash flow to pay for day-to-day operations and expand as a business as well as generate revenues to keep expenses low: meeting customer needs. Firms must please the customers to continue making profits and once a firm develops a customer trust sales will increase: building quality products & services. Customer"s recognize you get what you pay for" - getting fair value for what they pay for. Producing quality products/services builds reputation, goodwill, and loyalty and attracts new customers: encouraging innovation & creativity. Innovation and creativity leads to new designs and improvements of products being sold and allow new opportunities to be created. Business environment is always chaining so innovation/creativity is needed. New strategies can generate more revenue: gaining employee commitment.